Alphabet Inc. (NASDAQ: GOOGL) is expanding its digital infrastructure through a significant investment in Finland, aiming to secure long-term nuclear power for its growing artificial intelligence needs. On September 9, the company announced it will invest €13 billion ($15.1 billion) over the years 2027 and 2028 to expand data-center capacity. As part of this investment, Google signed a 22-year agreement covering up to 50% of the capacity of Finland’s Loviisa nuclear plant. This deal supports the plant’s life extension through 2050.
This move highlights the direct connection between AI infrastructure and nuclear power generation. Google is not relying solely on the existing power grid; it is actively securing long-duration nuclear generation to support its expansion. This strategy aligns with broader trends among major technology companies. Alphabet, Amazon.com Inc. (NASDAQ: AMZN), Meta Platforms Inc. (NASDAQ: META), and Microsoft Corp. (NASDAQ: MSFT) have all pursued nuclear power agreements or partnerships as their electricity requirements increase.
A Carnegie analysis estimates that these commitments could represent roughly 6.9 gigawatts of nuclear capacity by the early 2030s. However, Christo Liebenberg, co-founder and president of LIS Technologies, points out a potential bottleneck in the supply chain. In an exclusive interview with Benzinga, Liebenberg noted that Big Tech is signing power purchase agreements (PPAs) with reactor companies much faster than it is committing money to the nuclear fuel supply chain.
Nuclear power requires a complex chain of operations, including uranium mining, conversion, enrichment, and fuel fabrication. Liebenberg argues that the United States has underbuilt several of these stages after years of relying on foreign supply. This issue is particularly relevant for advanced reactors, which may require specialized fuels such as HALEU. The U.S. government is currently spending billions to rebuild domestic enrichment capacity, with companies like Centrus developing additional production.
While Google’s deal secures the electricity, the emerging challenge is ensuring there is enough fuel infrastructure to keep that electricity flowing. Liebenberg suggests that if the nuclear buildout is to match rising electricity demand, Big Tech and the government will need to help fund the broader infrastructure, including fuel manufacturing. This could broaden the investment opportunity beyond reactor operators to companies involved in the fuel cycle, such as Cameco Corp (NYSE: CCJ), Centrus Energy Corp. (NYSE: LEU), and Uranium Energy Corp. (AMEX: UEC).
